Evolus (EOLS) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 net revenue of $66.9M, up 36% year-over-year, with first-ever non-GAAP operating profit of $1.1M and Jeuveau market share reaching 13%.

• Focused on Jeuveau commercialization, expanding customer base by 770 new accounts in Q2, and preparing for the Evolysse dermal filler launch with regulatory filings in the U.S. and E.U.

• Consumer loyalty program surpassed 900,000 members, with over 50% millennials or younger, and nearly 190,000 redemptions in Q2.

• Cash and cash equivalents rose to $93.7M as of June 30, 2024, following a $51.2M equity raise.

• Raised 2024 net revenue guidance to $260M–$270M, targeting at least $700M by 2028 (28% CAGR from 2023).

Financial highlights

• Q2 2024 net revenue: $66.9M, up 36% year-over-year, with U.S. sales comprising over 95% of total revenue.

• Gross profit margin improved to 70.3%; adjusted gross margin reached 71.5%, above full-year guidance.

• Non-GAAP income from operations was $1.1M, a $2M sequential improvement from Q1.

• Operating expenses increased modestly in Q2, expected to rise further for the 2025 filler launch.

• Ended Q2 with $93.7M in cash, with improved operating cash flow and working capital of $104.0M.

Outlook and guidance

• Full-year 2024 net revenue expected between $260M and $270M, up to 34% growth, with adjusted gross profit margin of 68–71%.

• Full-year non-GAAP operating expenses projected at $185M–$190M.

• Expects positive non-GAAP operating income in Q4 2024 and for full year 2025, with possible quarterly fluctuations due to filler launch.

• Projects total net revenue to reach at least $700M by 2028, a 28% CAGR from 2023.

• Current capital resources expected to fund operations for at least the next twelve months.